New OBITS Voting: Market Maker Buyback Proposal

August 28, 2018
OpenLedger DEX

The Market Maker Buyback Proposal

Dear OBITS holders,

As we have received numerous suggestions on this subject from the community and because of the current market liquidity situation, we’re proposing a vote on the new OBITS buyback and distribution policy.

The Market Maker Buyback Proposal

Buyback & Burn of the OBITS tokens on dedicated tokens markets

In October 2018 and every month from then on, we will gather assets from the dedicated profit centers (vesting fees, market fees, and so on) in native assets, as we did before.

On the second day of each month, we will place an OBITS Buyback order. The price of the placed order will be calculated based on the previous month’s median value of the market price.

If the order is not closed till the end of the month, it will be canceled, and the remained assets will be put into the new order. All the bought-back OBITS will be burned.

How to Vote

The voting starts on September 5th, 2018.

The voting runs until October 1st, 2018, 13:00 CET.

  • To ensure an accurate voting procedure, we will take a snapshot of OBITS holders accounts on 15:00 CET, September 4th, 2018.
  • OpenLedger will create a new voting asset, the OBITS.VOTING token, in the amount of OBITS supply shown in the snapshot.
  • On September 5th, every OBITS token holder will receive an incoming payment of OBITS.VOTING tokens, matching the number of OBITS they own. In the memo field, you will find the conditions of the voting procedure.
  • To express your opinion, please send the OBITS.VOTING tokens to the following accounts:

obits.option1 – if you wish to accept the above-mentioned Market Maker Buyback proposal.

obits.option2 – if you wish to leave the current procedures as is.

  • On October 1st, 2018 13:00 CET we will take the snapshot of the voting options accounts and define a winner.
  • The Market Maker Buyback Proposal will be implemented according to the results of the voting.

Please check your OpenLedger account on September 5th and vote to define the OBITS future!

Contact us

Learn more about this Proposal and the voting process on the official OBITS website.

Have ideas for improving our Market Maker proposal to bring more value to the OBITS token? We would be happy to look into any opinions! Please shoot your suggestions to before September 4th, 2018.

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Best regards,
The OpenLedger Team

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